1921 Square Pattern Penny Renniks Type 12 - PCGS SP63

Australia, 1921 Square Pattern Penny Renniks Type 12 -

The story is well-known to collectors: In 1919, Australian Treasurer William Watt proposed reducing the size of the Australian penny, which was, at the time, Australia’s largest coin. The proposed replacement coin was made out of copper-nickel and about 60% lighter than its predecessor. Its shape was inspired by Ceylon’s copper-nickel five cent piece, which was square with rounded corners. A number of experimental pieces were minted, each bearing a kookaburra-themed design, and distributed to Treasury officials, members of Parliament, and others for examination. Although lighter and more practical than its larger, bronze predecessor, the square penny never entered general circulation: Vending machine operators opposed the new coinage, and there were issues with the importing and striking of the copper-nickel alloy. There were eleven types of pattern square pennies made (and two types of halfpennies), and while the example photographed above, known as Type 12 in the Renniks catalogue, is the most common of these, it is also the most affordable. It has also performed reasonably well in the long-term: In mint condition, the Type 12 square pattern penny has appreciated 11.3% per annum on average over the last thirty-five years, and 8.5% per annum on average over the last twenty. (Historical valuations are from the 1980 Renniks and 1995 McDonald catalogues, respectively.) Overall, it’s an ideal piece of numismatic history, and an attractive little heirloom to boot.